Samsung Pay Sees Its Transaction Volume Surpass 10 Tril. Won in 2 Years

August 21, 2017 10:21l08 21, 2017 15:03

Samsung Electronics said on August 20 that its Samsung Pay service has surpassed the 10-trillion-won milestone in payment volume within two years since launch. Introduced in August 2015, Samsung Pay exceeded the 1-trillion-won level in August last year. Since that time on, the service volume quadrupled for one year's time.

An official with Samsung Electronics said, "The volume of out online transactions has taken off since last year, accounting for 30 percent of the total online transactions." Although other payment services require several steps of authentication, Samsung Pay needs only one step of user identification through biometric verification such as iris recognition or fingerprint sensing.

The company is moving overseas markets rapidly. Currently Samsung Pay service is available in 18 countries including the United States, China, Spain, Australia, Singapore, Switzerland, Britain, as well as Korea. It is also in partnership with major credit card companies such as American Express, UnionPay, MasterCard, and Visa. In addition, it has signed agreements with PayPal and Alibaba.